Hammond said in July: "The economy has taken a shock. We will take whatever measures are necessary to restore confidence, stabilise the economy as we move forward with the negotiating process."

Since then, the Chancellor of the Exchequer Phillip Hammond has followed through on his commitment to boost the economy through spending, this week announced a £5 billion housing promise and has hinted at other possible stimulus measures. The fiscal stimulus is a stark contrast to the loose monetary policy favoured by George Osborne.

"Comments from Prime Minister May and Chancellor Hammond have materially increased the likelihood of a shift in the policy mix away from monetary towards fiscal policy."

"Hammond could begin signaling a new fiscal package for the next Budget. As we estimated last week, based simply on a deterioration of the deficit (no new spending plans) we would expect £10 billion funding requirement this fiscal year and £30-40 billion from 17-18 onwards relative to the DMO's March projections."